Pulmonx Q4 revenue declines 5% YoY; full year up 8%; guides flat FY2026 revenue $90-92M

Pulmonx Corp

Q4 2025 revenue $22.6M, down 5% YoY (down 7% constant currency); US revenue fell 11% to $14.1M.
Full year 2025 revenue $90.5M, up 8% YoY (7% constant currency); international revenue up 23% to $33.5M.
Net loss improved: Q4 net loss $10.4M ($0.25/sh) vs $13.2M ($0.33/sh); full year loss $54.0M vs $56.4M.
Secured up to $60M in new 5-year interest-only credit facility extending debt maturity to 2031; cash $69.8M at year end.
FY2026 guidance: revenue $90-92M (roughly flat); gross margin ~75%; operating expenses $113-115M; cash burn ~$23M.

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